When asked whether Onramp would need SEC approval to start the redemptions and if so why the regulator would approve the plan, Tanguma responded: “It does not require formal approval because bitcoin is a commodity as per the CFTC, not a security. With that, Onramp does plan to work with securities lawyers to get opinion letters in place to reduce the 12-month lock-up period for redemptions, and will work with all regulators to make sure Onramp stays compliant in all jurisdictions where it offers its services.”
Onramp Launches First Spot Bitcoin Trust With Multi-Party Custody
